DTN Daily Basis Comments

DAILY BASIS AND CASH INDEX SUMMARY:

The national average basis for corn was steady at 33 cents under the March futures contract while the DTN National Corn Index was up 4 cents at $4.59. The national average basis for soybeans was 1 cent stronger at 64 cents under the March futures contract, while the DTN National Soybean Index was unchanged at $9.85. The national average basis for hard red winter (HRW) wheat was 1 cent weaker at 61 cents under the March futures contract, while the DTN National Hard Red Winter Wheat Index was down 8 cents at $5.35. The national average basis for hard red spring (HRS) wheat was steady at 26 cents under the March futures contract, and the DTN National Hard Red Spring Wheat Index was down 3 cents at $5.99.

	DTN Cash	Change From	National	Contract	Change from
Commodity	Index	Prev Day	Avg. Basis	Month	Prev Day
Corn:	$4.59	$0.04	-$0.33	Mar	$0.000
Soybeans:	$9.85	$0.00	-$0.64	Mar	$0.002
SRW Wheat:	$5.26	-$0.02	-$0.53	Mar	$0.012
HRW Wheat:	$5.35	-$0.08	-$0.62	Mar	-$0.008
HRS Wheat:	$5.99	-$0.03	-$0.26	Mar	-$0.007

CORN:

The national average corn basis for Monday was 33 cents under the March futures, unchanged from Friday's basis. PNW basis for February is 5 cents stronger at +115H and Hereford, Texas, is steady for March at +100K. CIF basis is steady at +73H and track St. Louis is 2 cents weaker at +7H. Processors are mixed with Cedar Rapids, Iowa, 1 cent stronger at -15H; Fort Dodge, Iowa, is steady at -29H; Council Bluffs, Iowa, is steady at -18H; Decatur, Illinois, is steady at -2H; Mitchell, South Dakota, is steady at -62H; Blair, Nebraska, is steady at -15H; Hastings, Nebraska, is 5 cents stronger at -35H; Lincoln, Nebraska, is steady at -35H; Garden City, Kansas, is steady at +15H; Columbus, Nebraska, is steady at -20H; and Marshall, Minnesota, is steady at -40H.

SOYBEANS:

The national average soybean basis for Monday was 64 cents under the March futures, 1 cent stronger than Friday's basis. PNW is not posting a bid until October at steady at +125X, CIF basis is 5 cents weaker at +68H and track St. Louis is steady at -2H. River basis north of St. Louis on the Mississippi River at Quincy, Illinois, is steady at -18H; St. Paul, Minnesota, is bid +50H and basis on the Illinois River at Havana, Illinois, is steady at -27H. Processors are mixed with Council Bluffs, Iowa, steady at -47H; Cedar Rapids, Iowa, is steady at -35H; Sioux City is steady at -45H; Decatur, Illinois, is steady at -15H; Volga, South Dakota, is steady at -80H; Spiritwood, North Dakota, is 5 cents weaker at -65H; Hastings, Nebraska, is steady at -80H; Lincoln, Nebraska, is steady at -40H; Aberdeen, South Dakota, is steady at -65H; Mitchell, South Dakota, is steady at -95H; and Mankato, Minnesota, is steady at -35H. BN secondary shuttle freight for returns is not bid or offered, February is bid plus $600 over against offers of plus $1500 over and March is bid plus $400 over against offers of plus $1000 over. UP secondary freight for returns is not bid or offered, February is bid even money against offers of plus $300 over and March is bid minus $150 under against offers of plus $100 over.

SOFT RED WINTER WHEAT:

The national average SRW wheat basis for Monday was 53 cents under the March futures, 2 cents stronger than Friday's basis.

HARD RED WINTER WHEAT:

The national average HRW wheat basis for Monday was 62 cents under the Kansas City March futures, 1 cent weaker than Friday's basis. Spot premiums were mixed with ordinary protein steady at +80; 11% protein was steady at +102; 11.2% was through 11.4% was steady at +102; 11.6 through 11.8% was steady at +110; 12% through 12.2% was steady at +105;12.4% was steady at +102; 12.6% was unchanged at +110%; 12.8% was steady at +105; 13% was up 1 at +$101 13.2% through 13.4% was steady at +105; 13.6% was steady at +120; 13.8% through 14% was steady at +140. Gulf bid for 11% protein was steady at +80 with no protein bumps. PNW 11.5% was steady at +125, while the Texas Gulf basis for 11% was steady at +110. Traders reported that Russia's IKAR lowered its wheat export forecast for 25/26 from 43.5 million metric tons to 43 mmt citing lower stocks as the reason.

HARD RED SPRING WHEAT:

The national average HRS wheat basis for Monday was 26 cents under the Minneapolis March futures, unchanged from Friday's basis. The Minneapolis spot spring wheat cash premiums closed as follows, based on Minneapolis March futures: 12% proteins were not quoted; 13% proteins were not quoted; 13.5 proteins were up 15 to up 5 at +130; 14 proteins were down 5 to up 10 at +135 to +210; 14.5% proteins were unchanged at +150N; 15% proteins were down 55 to down 20 at +250A to +285, and 16% proteins were not quoted. Wheat receipts on the exchange floor were 40 cars, which included zero train(s). Bid (B), Ask (A), Nominal (N). Minneapolis Daily Spot Grain Prices are Delivered Chicago/Beyond freight: Spot No. 1 Milling Northern/Dark Northern Spring Wheat.

Mary Kennedy can be reached at mary.kennedy@dtn.com

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